I have just seen an article stating that mortgage lenders have hit a 12 year low in mortgage right offs this year. The article goes on to say that the Bank of England show that the amount of lender write offs is 79% lower than last year and even lower than pre-credit crunch figures. Their seems to be many factors that include more equity in property and lower interest rates to name two. Here is the article if you want to
I have read an article warning borrowers about the pearls of taking 5 and 10 year fixed rates with high early redemptions penalties (ERP). Read here if interested. http://www.telegraph.co.uk/personal-banking/mortgages/beware-fixed-mortgages-high-exit-fees-brokers-warn/ I agree with the article that a degree of caution is require when selecting a long term fixed rate. A lot of customers may think that they will be staying put in their homes but what if there is a big job promotion, a job loss, or more children.
I have read an article stating that the Government have given local authorities the right to start changing council tax on empty properties. Philip Hammond stated "It can’t be right to leave property empty when so many are desperate for a place to live" We all know this is a load of crap. It is another way to generate money for a starving government. I don't know about the rest of the country but around here landlords want rent money and if a property is empty it is usually because it is going through
I have just read that the chancellor is eliminating stamp duty for FTB's up to £300,000.00 Read the article. http://www.mortgagesolutions.co.uk/news/2017/11/22/budget-2017-hammond-slashes-stamp-duty-for-first-time-buyers/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Daily%20SP29%20TML&utm_campaignid=893&utm_cmdid=52561 BUT, what about Scotland?? Will the SNP do the same????
I have just read an article about homeowners over 55 releasing equity from there homes and that Nationwide Building Society are now going to lend to this market. The highlights are 1) Available to 55 – 84-year olds 2) Up to 46% loan to value depending on age 3) No fees including legal and survey 4) You can port to a new property 5) You can take additional borrowing 6) Can pay back up to 10% per year Read here if you want all the detail